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ABH Holdings SA, owner of Alfa-Bank, and UniCredit Group (UCG) have announced the completion of the transfer of 99.9% of shares in Ukrsotsbank, which is a UCG asset in Ukraine, in exchange for a minority 9.9% stake in ABHH, the press service of Alfa-Bank reported.
Head of Strategy, Business Development and M&A at UniCredit Andrea Maffezzoni will enter the board of directors of ABHH, according to the report.
"The deal will undoubtedly lead to the emergence in Ukraine of a strong player on the unified platform of the two banks. We are going to fight for leadership in the Ukrainian market, primarily due to increasing the level of technology enhancing efficiency, improving quality of our customer service, as well as reducing the cost of services and expanding their range," the press service quotes Mikhail Fridman, Chairman of the Supervisory Board at Alfa Group as saying.
Read alsoUkraine’s Antimonopoly watchdog greenlights acquisition of Ukrsotsbank by Alfa-BankAs UNIAN reported earlier, ABH Holdings S.A. in January signed an agreement with the Italian UniCredit Group to acquire 100% shares of Ukrsotsbank. The deal is to be completed before year-end.
UniCredit Bank was set up through a merger of two subsidiary banks of UniCredit Group in Ukraine – UniCredit Bank and Ukrsotsbank. The process of banks integration was completed in December 2013 and the bank continued its operations under the name UniCredit Bank and was one of the largest financial institutions in Ukraine in terms of assets.
Read alsoLoss of operating banks in Ukraine drops more than fourfoldABHH, part of Russia's Alfa Group, is a privately-owned company that invests in several banking groups in Europe and the Commonwealth of Independent States.